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Zip Code 61884: Rising Home Values and Ownership in White Heath, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
White Heath, located in zip code 61884 in Illinois, is a small community that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis explores the trends in ownership rates, average home prices, and average rent prices in the area. The homeownership rate in White Heath has shown a steady increase from 2013 to 2022. In 2013, 86% of residents were homeowners, and this figure rose to an impressive 95% by 2022. This significant increase in homeownership coincides with a substantial rise in average home prices. The average home price in the area grew from $191,801 in 2015 to $294,014 in 2022, representing a 53.3% increase over seven years.
The trend of increasing homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates likely contributed to the rise in homeownership, as it made mortgages more affordable for potential buyers. The homeownership rate increased from 86% in 2013 to 93% in 2020, aligning with this period of low interest rates.
As homeownership rates increased, the percentage of renters in White Heath decreased correspondingly. The renter-occupied rate fell from 14% in 2013 to just 5% in 2022. Interestingly, despite the decreasing renter population, average rent prices remained relatively stable. The average rent price was $644 in 2013 and $653 in 2022, showing only a slight increase over the nine-year period. This stability in rent prices, despite the declining renter population, could be attributed to the overall low supply of rental properties in the area.
Looking at the most recent data, the average home price in White Heath continued to rise, reaching $310,351 in 2023 and $329,657 in 2024. This represents a significant increase of 12.1% from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to climb, suggesting strong demand for housing in the area.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in White Heath to continue rising, albeit potentially at a slower rate due to the higher interest rates. Average rent prices are likely to remain relatively stable or increase slightly, given the limited supply of rental properties in the area.
In summary, White Heath has experienced a significant increase in homeownership rates over the past decade, accompanied by substantial growth in average home prices. The community has shifted towards a predominantly owner-occupied housing market, with a corresponding decrease in the renter population. Despite recent increases in interest rates, home prices have continued to rise, indicating strong demand for housing in this Illinois community.
